吉星新能源(03395) - 2024 - 中期财报

Financial Performance - Production revenue for Q2 2024 was CAD 715,000, a decrease of 70% compared to CAD 2,391,000 in Q2 2023[10]. - Total revenue for the six months ended June 30, 2024, decreased by 45% to CAD 3,555,000 compared to CAD 6,423,000 in the same period of 2023[28]. - The company reported a net loss of CAD 7,277,834 for the six months ended June 30, 2024, compared to a loss of CAD 4,062,151 for the same period in 2023, reflecting an increase in losses of approximately 79.5%[122]. - The company reported a significant increase in accounting, legal, and consulting fees due to expenses related to equity financing[38]. - The company experienced a significant drop in trading revenue, with natural gas trading income falling by 97% to CAD 3,000 for the three months ended June 30, 2024[28]. - The company reported an operating net loss of CAD 2,533,000 for the three months ended June 30, 2024, compared to a loss of CAD 447,000 for the same period in 2023, representing a 467% increase in losses[90]. - Adjusted EBITDA loss increased by 287% to CAD 2,755,000 for the three months ended June 30, 2024, compared to a loss of CAD 712,000 for the same period in 2023[91]. Production and Sales - Average daily sales volume decreased by 78% to 283 barrels per day in Q2 2024 from 1,305 barrels per day in Q2 2023[10]. - Total production (in oil equivalent) dropped to 280 barrels/day in Q2 2024, down from 1,461 barrels/day in Q1 2024, a decrease of about 81%[18]. - The average daily production of natural gas decreased to 1,361 cubic feet/day in Q2 2024 from 8,030 cubic feet/day in Q1 2024, representing a decline of approximately 83%[18]. - Production revenue fell by 70% to CAD 715,000 for the three months ended June 30, 2024, compared to CAD 2,391,000 for the same period in 2023[90]. - Oil production decreased by 43% to 36 barrels per day for the three months ended June 30, 2024, due to reduced production days from maintenance and repairs[27]. Assets and Liabilities - Total assets as of June 30, 2024, were CAD 31,340,000, down from CAD 35,446,000 in 2023[11]. - Total liabilities decreased to CAD (40,557,000) in June 2024 from CAD (45,056,000) in 2023[11]. - The company's total equity was CAD (9,217,000) as of June 30, 2024, compared to CAD (9,610,000) in 2023[11]. - Long-term debt as of June 30, 2024, was 8,173 thousand CAD, down from 11,553 thousand CAD as of December 31, 2023[50]. - The company's net debt stood at 37,874 thousand CAD as of June 30, 2024, compared to 37,387 thousand CAD at the end of 2023[50]. Cash Flow and Financing - The company has a working capital deficit of C$13.3 million as of June 30, 2024, with total long-term debt of C$1.15 million drawn from new loans[56]. - The company reported a total of C$1,900,000 in cash generated from the sale of exploration and evaluation assets during the six months ended June 30, 2024[124]. - Operating cash flow for the six months ended June 30, 2024, was negative at C$4,804,180, compared to a positive cash flow of C$3,047,699 for the same period in 2023[124]. - The company secured PSG financing of C$1.55 million from EDC, allowing it to provide guarantees for letters of credit without holding cash[53]. - The company has secured new long-term debt of US$8 million, with a monthly payment obligation of US$200,031 and US$87,514 for the respective loans[56]. Market Conditions and Risks - Management has indicated that future results may differ significantly from current projections due to various risks and uncertainties[13]. - The company faces significant uncertainty due to global market volatility, which may impact its operational and financing capabilities[57]. - The average natural gas price in Western Canada is expected to remain around the 2023 average, with fluctuations due to market conditions[17]. - The company recorded a significant impact on its operational performance due to fluctuations in natural gas prices, influenced by geopolitical factors and supply chain disruptions[128]. Shareholder Information - The company issued 33,000,000 common shares in May 2024, raising total proceeds of CAD 1.26 million[17]. - The company has not declared any dividends for the three and six months ended June 30, 2024, and 2023[68]. - As of June 30, 2024, the total number of shares issued by the company is 522,886,520[105]. - The company has a stock option plan that allows for the issuance of options up to 10% of the total issued common shares[157]. Compliance and Governance - The company adopted all applicable new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2023, for the financial statements for the three and six months ended June 30, 2024[83]. - The internal controls over financial reporting (ICFR) were designed to ensure the protection of assets and the reliability of financial information, with no significant changes affecting the ICFR during the reporting period[84]. - The audit and risk committee, composed of three independent non-executive directors, reviewed the interim results for the three and six months ended June 30, 2024[99].